1. The financial results were reviewed by Audit Committee and taken on record by the Board of Directors of the Company at its meeting held on May 21, 2009.

2. The Company’s operations constitutes a single business and geographical segment of "Infrastructure Development“ as per Accounting Standard AS-17.

3. The Company has purchased 37,000 equity shares of Rajahmundry Godavari Bridge Ltd at par at Rs 10/- each from Gammon India Ltd making Rajahmundry Godevari Bridge Ltd a subsidiary of the Company.

4. Further 2,10,000 options have been granted under the ESOP Scheme 2008 on May 8, 2009.

5. The Company was listed on Bombay Stock Exchange and National Stock Exchange on April 03, 2008 and therefore, the corresponding figures for the quarter ended March 31, 2008 have net been provided.

6. Corresponding figures of the previous period have been regrouped / rearranged wherever necessary.

7. The utilisation of Issue Proceeds from IP0 is as follows:

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								Amount to be utilised		Amount utilised till 												 March 31, 2009
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Investment in KBICL for the Kosi Bridge Project				2415.44				2413.95
Investment in GICL for the Gorakhpur Bypass project			3889.00				1739.00
Investment in SHPVL for the Rangit-II Hydroelectric Project		8960.000			41.00
Investment in MNEL for the Mumbai Nasik Road Project			5100.00				-
Repayment of loan to GIL						1000.00				1000.00
Issue Expenses								1610.06				1021.05
General Corporate Purposes and Investment in strategic
initiatives and acquisitions						4864.00				3145.22
Investment in any other infrastructure projects
in addition to the above mentioned objects (see note below)		-				12104.63	
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Total									27638.50			21464.85
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In terms of the approval of the members in General Meeting held on September 15, 2008, authorising the Company to utilise the IPO proceeds for investment in other infrastructure projects of the Company, including acquisition of any such projects and repayment of loans availed by the Company for any such purpose, in addition to the purpose already specified in the prospectus, the Company has utilised the sum of Rs 11685.11 lacs and Rs 12804.63 lacs as of December 31, 2008 and March 31, 2009 respectively as follows:

Investment over & above the original objects clause are as follows:    

Upto March 31, 2009 

Investment towards Youngathang Khab Power Ventures Ltd - 5285.25
Investment towards Rajahmundry Godaveri Ltd - 3826.82
Investment in Pravara Co-generation Power - 680.00
Investment in Indian Container Terminal Pvt Ltd - 433.20
Investment in Punjab Biomass Power Ltd - 215.00
Investment in Bedi Seaport Ltd - 22.99
Repayment of loan taken from Garmen India Ltd for
investment in infrastructure project - 1641.37
Total - 1210.463

Pending utilisation, the funds are temporarily invested/ held in:


a) Mutual Funds - Nil
b) Bank Balances - 586.784
c) Escrow Accounts - 92.12

Total - 595.995

Issue Proceeds pending collection - 213.69
Total (C) - 213.69
Grand Total - 27638.50

Parvez Umrigar
Managing Director